US STOCKS SNAPSHOT-Futures higher as concerns over Syria ease

Source : REUTERS
Last Updated: Sun, Sep 01, 2013 22:30 hrs

NEW YORK, Sept 1 (Reuters) - U.S. stock index futures rose on Sunday, a day after U.S. President Barack Obama opted to seek congressional authorization for military action against Syria, a move that was likely to delay any strike for at least nine days.

Equities have been pressured recently by the prospect of a Western strike against Syria after chemical weapons were used to kill civilians. The geopolitical uncertainty contributed to steep losses in August, which marked the worst month for the S&P 500 since May 2012.

"There's still uncertainty about whether any action will take place, but a delay will let investors calm down and assess things," said Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California.

S&P 500 futures rose 10.3 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 54 points and Nasdaq 100 futures rose 20 points.

The U.S. stock market will be closed on Monday for the Labor Day holiday.

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